Chicago Daily Tribune Newspaper, December 12, 1874, Page 8

TERMS OF THE TRIBUNE, 9 1874, TA'TZA OF BUDBCMPTION (PAYADLE IN ADVANCE), nd mistakes, bo suro and give Post utl, ineluding Stato and County, tem smay bomado oltlierby draft, expreas, Post- Ofico urdor, or in reglatered lottors, at our risk, TRRMS 70 CITY SUBSORINERS, Daily, dollvered, Bunday excented, £33 cents porwaek, Dally, delivored, Bundsy included, 30 cents por wook. Addrons THE TRIBUNE UOMPANY, Corner Mad Dencbor, hieago, 1t TO-DAY'S AMUSEMENTS. GRASD_OPERA-IIOUSE—Olark . Kolly & B Y e rmoce strent, batwean Choai A ftoraoen aud svomiog: T—Madiron_stroot, betwaen t of Johu Tirouatiamm P tfaroon aud evening. onlte t ntreet, Epitf ot astrols, ‘¢ OLEY'R T PR Rt JUVIOKERS TiT n nto, ROy MY OF 31 Taleted atrnt, hetwo Crackost.”™ Aftornuor d ovening, tKT OPERA-IOUSE—Goraer Hial: e e o ter Sloriasy & Moors's Hap o B Rk roan ano overin SOCIETY MEETINGS. Regulie Communieai iniigy 3 Sofouke, at Orlental Tall, 123 JiaSalio-stoy for :nfi’ oik'on tho i, A, Dogroo, | Visigre wileomod. ™ No. 209, A. T & turdar) orantig, AMANDERY RNIGHTS TEMPLAT_ P A I Sir Jamen Van Zandt Blanoy, P, . U: Tho sir Knighta uf thila Conmaniiery, dialeing 1o garticipate fn yasing thio ast xd Hon el il epbls i s o Sunday, Oarilags o toso 0L, iy m LS, Commandor, CmanLxs . Browes, O. BUSINESS NOTICES. 'S COUDAINIL ALLAYS IRRITATION, IBHIIIEE:IVL m:\’ullflr to dandrufl, and invigoratos the Aotivn of the fill‘l“ll’;o)‘ lnl’t?}fl ll;lr“(ll‘:ekg.a!&‘l‘?‘lf:q I{I,I:Im 7;1;; oo A o8 JIsorinous aild el mots of the Balr i Wuohas R aw the halr i \en havah and driys It soothes the irrit T, It agords e rihest e, It remains longest in ¢ tect, ercents the hair froualling of. e Ao hg, siparmd sesuths enot grensyor micks.” Tt feawes mo disagreent 1¢ lor, 2 hair.sicoming In tiowarld; B RATAT e v mattor. the BLAT und CII 1 llsllo‘l;lfl:o; tho l‘l)l‘}r(l)! o Ll b triggiats, INDEX TO ADVERTISEMENTS, : 'AGE—City, Suburba, and Country Roal o Wantar T Tt Busthess Chnacor, Love smd SN A £k —TToltday Books, Rafiroad TinoTable, 1 Cards, ete. PN ERTR FRu Hoas. The Chicage Tetbune, 1874, A musomonts and New Publica- Baturday Morning, December 13, WiTH SUPPLEMENT. A Sherilf who nins the names of threo gamblers on hiy official bond is one of the fruits of the *People’s” victory last month. Tt is intevosting to watch that paragraph nbout Dr. Huntinaroxn's being *“an old-fash- ioned churchman of the Bishop Hopanr typo" in its travails through the press. Syrner, a carpet-baggor from Louisiana, is tho only Congrossman thus far implieated by the Pacitic Mail investigntion. The name is ominous, Perhaps nothing will come of it, ufter all, An aouto remarkis that atiributed to Scere- tary Bumsrow by Garn. Tho Secrotary says that the mistake of the Republican party at tho South was in not commencing at the top of socicty and working dow: The rumor of n disngreement between President GnanT and Sceretary Brtow over Benntor CarrrLy's appointment as European Agent of the Trensury will enuse some anxiety amoung the friends of the Republican party. Brisrow 8 too good a man to do without. A Mr. J. W. Bessk, of Minnesola, has Intely arrived ot Sioux City. Ho says that a mining party is now in the Black Hills region, ond that gold Lins been found in paying quan- titios. The obvious duty of Gen, SHERIDAN 1a to order the dislodgment of that party, at suy hazard or expense, A good joke it seems at first, but afterwards only stupid folly, for the New Bedford poople to entor a claim beforo the Amervienn and British Mixed-Clnims Commission on aceount of the whales destroyod or frightened out of tho Arctio Ocean by tho Shenandoh, These are prospective damages, indeed; not renli- tics, Now ilint a bill of particulurs has been ordered in the caso of TrnroN ts. Brrcuer, the good people who skip all the scandnls zunnot bo safe with any nowspaper except Prp Tnipune, For if Tirox's generalities were go shocking, what must his particulars bo? And all the nowspapers, excopt, per. baps, Tar Trimone, will print 'em, Mr. Farwerrn, member of Congress from the Third Tlinois Distriot, has prepared o turrency bill which is, as far as it goes, ad- wirable. Its mnin fentures are free-banking, and the retivoment. of ono wmillion in Govern- " 1ent bank-notes «ach month, boginning with July, 1875, until he notes not redecmed aro at par with gold The Secretary is author- ized to use the surplug in the Trensury for the burposes of the bill, or if he has not available funds, to sell bonds. Mr, Fanwzrr's bill will e found in full in the ‘Washington dispatches to-day, It is very nico question whether tho word ‘“shyster,” when applied to a respectable mewmber of the Bar, s actionablo; &til more delicate is the ‘nquiry whother My, Winnrast Busm, who wny called a shyster by Mr. Brorey, isa Tespectablo member of tho Bar, Mr. Busi's suit for libel, now in court, will clenr up ‘the doubls concorning his reputa- tion; but it probably will not give the sweot ugsurance 1o newspaper writersihat they may ceall everybody thoy don't like shystors, Bo tho vaoz.bulary of journalism will be thus far abridgedd, Tho arrest of the gvain merchant at Kent- laud, Tnd., who is supposed to be the author of aJettor suggesting bribery to an inspector in this city, onght to convinee furmers throughout the country that b least one branch of the warehouse system in Ghicago is honestly conduetod. With this oncourage. ment, wo should think they might advanco to the belief thut Chicngo has been in groat mensure redeemed from the bad reputation which the swindling practices of formor years fastened upon her, o The Chicago praduce innrkets wero slower yustordny, with loss strongth, Moss pork wad netive and wonk, closing 200 por hrl loweor, at §19.50 cash, awd 520,15 woller Feb- vuary. Lavd wns active, and olosed at 5@ 100 per 100 Ihs lower, nt £14,05@18,10 ensh, and $18.40 scllor Februnry, Meats wero moro notive and flrra, at 6 8.8 fox shoulders, 9 1.2 @9 8.8 for shord riby, and 9 7-80 for shorb THE CHICAGO DAILY 'TRIBU SATURDAY, DECEMBER 12, 187 TWELVE PAGES Tighwines wero in modorato domand and steady, at 076 por gallon. Drossed hogy wero less notivo, but firm, closing at §7.76@ 8,25 por 100 Ihw, TFlour was quist and un. chavged. Whent was less active and aasfor, closing {nmo at 80 1-%6 ensh, and 90c nsked seller Jannary, Corn was noglected and onsior, closing at 74 8.40 for old, 66 1-2¢ for now, and 72 8.do for gollor May., Onts wero dull and ensier, olosing at 53 1-20, Rye was quiot and firnter, at 94 1@t 1-%. Bnrloy was dull and casicr, closing at $1.26 cnsh, and $1.27 for Jaunary, Iogas wero netiva and 160 higher. Snles at $6.50@7.856 for common to choice. Cattle and sheep wero firm and un- changed. Action on Ky 56 bond bill has been indefinitely postponed by tho clover manage- ment of Mr. Dawrs and Mr. Ganrterp, To- dny’s session will bo only for debato, Mondny is genernl bill dny, and Kenrey will have no chanca then, The appropriation bills are the speciol order Tuesdny nud thereafter. So Kerrey will bo disposed of until tho appro- printions aro all pnssed. By that timo the Ilouse may have a spnsm of senso sufliciontly violont nnd protracted to permit of it knook- ing tho boud bill on the hend, Mr. W, D. Kerzy has writton a letter to o so-called ** Indepondent Executive Commit- tee,” in Indinun aunouncing that he will not be bound by party ties in #o far as tho cur- reney question is concerned, It may be news to Mr Keriey that the party' is not so much attached to him as lio i attached to tho party. Mis proposition to base n na- tional currency on Government bonds, which Lo imngincs is essentinlly different from tho TFronch nssignnt scheme, is ouly differont in hoing more dangerous, It has for its funda- mental idea tho' bnsing of a curvency on credit, or eredit on credit; tho security is not, 80 good ag the Frenoh lands were. r———— A vemarknble lotter from o guilty clergy man appears to-day in another column of thig paper. The writer of it was wuntil recently pastor of a Universulist church at Grand Rapids, Mich, Mo was charged with im- proper connection with & young woman, In- stend of denying the fact, or laying tho blume upon the woman, ns Mr. Brcurn did, the Grand Rapids clergyman frankly con- Tesses biy sin, charges it upon his own wenk and unguarded soul, and eraves the pity and compassion of mankind and the forgivancss of God. Such n plen os this*from DMr, Berourr wonld have brought Lim the sym. pathy and respect of the world, . —— Tho President has been nsked to dotail troops for the protection of the Returning Bonrd in New Orleans, the expectation being that a sevious revolt will occur upon {he pub- lication of tho ofticial roturns. Although ro- fusing to pormit the quartering of troops in tho State-Houso, the Iresi. dent hns dirccted Gon. Esony to dis- poso his forces in such o way thet they will bo availubla in an emergeney at moment’s notice. The wisdom of his conrsa in this respect will be, wo think, generally commended. It i o wisdom that bos been begotten by experience. Ind Gen. Graye Inown two yoars ago as much of Louisiana polities as ho does to-day, there would Liave been little reason to complnin of Federal intorference in the affairs of that State. e ——————r THE TAIL WAGGING THE DOG. Do members of Congress study or think over the great questions upon which they liave {o vote, and which so seriously ni¥ect the materiul interosts of tho people they pro- fess to represout? Last year, Congress mot on the very heels of a financial pruie which had mrested industry, thrown tens of thou. sands out of employment, suspended oredit, aud overwhulmed the country with distress, In the very height of this distress Congress mot, and for nearly eight months talked and talked about the matter, and adjourned without action! Never was o discussion so inco- lerent, nor marked with such ignorance of facts, ignorance of politico-economical Inws, and ignorance of the fundamental principles of business of every kind, A disgusted and angered people at the subsequent elections changed over two-thirds of tho Lepresentatives, and provided for a chango of as many ns they conld reach of the Seunte, Congress has now nssenmbled again, and the smne members begin the samo ram- bling, point-no-point discussions Jjust whero they left off last July, They do thisin the very faco of tho enrnest and eloquent appeal of the Secoretary of the Trensury, indorsed and urged by tho President, for legislation to sty the falling credit of the country, and avert tho gomornl crash to which publie and private credit is fast drifting, It is in- comprohensible that a body of men, clected for their supposed fitness to legislata for the country, should oxhibit suck a lamentable want of practical intelligence in mecting this subject. Letus calmly consider a few facts: ‘Lhe United Statos Government havo out- stauding of overdue and wnpeid paper $382,. 000,000. This paper, so far as the Inw ean make it, is the standard of valnes, and this standard is as unstable as tho bavometor, Tt is forever rising und falling; being by law the standard of values, its fiuctuntions directly affect the values of all other credits nud ef- faols of whatover kind, Lot us see the ex. tent to which the flnctuations of this over- duo and irredeomnble paper affect the values of the credits and goods in the hands of the peoplo of tho United States, We have com- piled tho following aggregntes from tho best and most relinhlo sonrces and estimetes, Where thero was any donbt, we have reduced tho mmount, but most of the items are ascer- tained statistical facts, . The ‘“‘dog's tnil" is represonted by the $882,000,000 of greenbueks, and here follows tho ather parts of the “dog”: Natlanal Bauls eurrenc, Deyiotita to eredit in N Bauo n navings boo Kame in Blute banks, Notus, mortgyes, nu Hallroed stoc Ttaflrand houd, Sluniclpal dobi,, Natlonul dobt In’ bond Agrioultural Manutuctury A8 150,000,000 0,001,600 001,030 roditets o products for salo, an nygregato of TWELVE THOUSAND TOUR HUNDUED AND FIFTY-PIVE DILLIONS of dollurs of property, eash and eredit, whoso value iy changed daily, sud often o dozen times In & day, by tho fhictuntions in the mar- ket prico us flxed by the gold-brokers of Wall atroct, of tha H882,000,000 of wuredvemed disgraced notos which the law Ly wrbitrarily made tho logal standard of value, Evory timo the groenback falls 1 cent on the dollar, thero in n reduetion in the valuo of {hiy vast mnsg of property of $124,600,000, and it s heenuso of this continunl instability, vaeilla- tion, and fluctuntion in values, that capital hay withdrawn from oduction, and oredit iy impnired or destroyed, Tt would sioewn that an ordluary intolleot, in Congress as woll ns out of it, wonld peyacivo the nocossity of give iug stability to the standard of values; and of tho forever putting an end to the ups and downs and censelens fluctuntions which may in r sin- glo day reduco this value of tho aconmulnted wenlth of tho country roveral hundreds of millions of dollars. Ioro {a illustrated tho caso of the dog shaken by his tail, 'This com. parntively small sum of $182,000,000 is tha dog'a tail, and whon it shnkes, it shakes the whole body of over $12,000,000,000, Con. gross, by lnw, bns doclared that tho dog's tall shall shake tho dog, and wo liavoe given an il- lustration of tho practical operation of tho tail in ity offects upon the whole body, Every timo tho tail shakes, tho dog grows wenker, until it fa now n question how long before thio whole nuimal, tail and all, will fall, nover Lo riso agnin, What does Congress proposa to do? A majority of both Houses, includ- ing o dozen or two aspirants of both purties for the noxt Prosidoncy, have voted, and aro now propared {o vole agnin, to lengthen tho tniland to giveit n greater power to slinke thodog. 'The fluctuntions in valuo are not groatenough; thoynowrange within ncirclaof # 1o 5 porcontin a year. Speculators and gamblers want to havo gronter {luctuntions 3 they want lively times in the gold-room, nnd they woem to have accepted ns patriotic wis- dom the ejnculntion of the Philadelphia pig- iron member, who thanked his Maker that ‘* the money used by the Amoriean pooplo wus too valucless to bo taken, at nuy prico, at any placo not covored by the American flag." Those Congressmen bave grost faith in having the American tail wag the Amcri- can dog ; nud, therefore, they think the more tail thero is, the better for the dog. The Sceretary of the Trensury lias pro- posed, and the President hag indorsed, an ap- peal to Congress for legislation that will give stendinoss and firmness to the legal standard of values, until such tiwne os tho nation can emorge from ity exceptional and extvaordi- narycondition, and once more do business upon the standard of values recognized by all the civilized peoples of tho carth, To this proposition so clear to the mind, of suol ob- ‘vious necessity, and of such substantial bene. fit to tho country, tho average member of Congross gives n look of blank incomprehen- sibility, and turns to an elaboration of his owa silly plan for lengthening the caudal ap- pendage,—increasing its power and authority to wag the canine. In iho light of the pnst nction of Congress on this question, and tho present seeming inebility to comprohend tho perilous condition of the aountry, it would scom that tho peoplo at the late dlections made no mis- take when thoy dismissed two-thirda of the predent booby, brainless members, Itis possi- ble, nay, it is most probable, that the next House will be worse, and, if {his prove truc, auother sweap must be mede, and thus in time, unless the wholo finnneinl fabric fall to picees, the country, by the weeding and votnting process, mny obtain Cougress at once intolligent and patriotic. In the mean- time, tho two Houses of Congross will resound with frothy, blatant speaches fo show the wisdom of having tho tail wng the dog, and of baviug the length of that tail extended evon by the addition of convertiblo curls, THE NEGRO HOBGOBLIN, The render of tha daily budget of dis- patches from Vicksburg, containing the de- tails of the strugglo between tho ox-Rebel whites and the loyal blacks for the possession of the county oflices, cnnnot fail to bo struck with t3o fact that the blncks are tho only suf- fevers. Tf any one is punished, it is o negro. If any ono is driven from home, it is anegro. If any one is killed, it is anegro; nud if any one is to blame, of course it is n negro, This fact, however, doos not tally with other faots which are regular- ly ment from Democratic sources. The negroes having no opportunity to sond their version of tha story, the North hos to form ils opinion from tho ver. sion of the other side, and, as the version of tho other side does not hang together, but is full of tho most glaring absurdities and in- consistencics, it becomes a very difficult matter to forma correct or intelligent opinion, or, in fuet, to form nny opinion, oxcept that tho Democratio story is o tissua of lies in- vented by cut-thronts, and diffused over tho country for the purposes of deception. In the Norih, the natural ehnractor of tho negro is penceful. The averngo colored man, notwithstanding lis ignorance and low con- dition of life, is fully as well-behaved and Inw-nbiding oo the white man, In these respects he compares quite favorably with the whites of all nationalities. In the South, bowovor, we are told that the mo- gro is o law-breaking, ferocious, Dlood- thiraty demon; n sworn enemy of saciety; a pillager of property; an incendinry, and nat- ural murderer, We aro told that he takes this bent without any objectiva causo, and, consequently, that no community is safe whero the negro cloment exists in nuy consid- crable degreo, As the result of this dreadful condition of socioty wo aro informed one day that gront masses of negroes hava armed thomselves and are marchiug in solid phalanx ngainst some eity or town, with the purpose of mmssncring all the citizens and burn- ing their homes. ‘Tho next day comes the intelligence that this fenrful force is dispersed, and sixty, ecighty, or a hundred negroes are slanghtered. No white men, however, ave killed or hurt. One dny wo are told that the negroes outnumber the whites five or ton to one; and that breech. londing guns of tha longest rango and dend- liost cnpneity have been distributed among them, with plenty of ammunition, and we naturally expect to learn tho next day that thora hins beon a wholesal butchery of whites, but somoliow or other the “ defenso- less whites" manage to slaughter fifty or sixty movo avmed nogroos. No white mnu fs Lilled or wounded in the temible battle, One day wo are told thnt the negroes who are march- ing on Vicksburg or some other Sonthern city oro of the most ferocious character snd prodigious nnmbers ; that thoy are jm. puling infants upon pitchforks, ravishing women, and ave within an Dowr's march of the dovoted ity which is doomed to the fire and sword, "Tho next dny's fele- genph brings the futelligence that soventy more negroes are slaughtored, and not g white man is hurt, In Yosterday's dispatelies we wero fnformed that the black women wero arming themselves with tho view of butcher. ing tho whito womon, Thin, of courso, iu very drendful intolligeuco, but en't this in. telligenco getting a littlo too dvondful? Tp the black men ave going to wmmnrder oll the white men, and the black womoen all the white wowen, who knows but that the black pickaniunies mny break loose soiuo doy, and, avming themselvos with earving-knives, sirup. Liottles, safoty-ping, and feathor-bolsters, de- liberatoly proceed to cut, maul, sticl, slash, nnd suffocate all the white babies fn thoir neighborhoods ? Now if tho blacksaro as powerful and foro- cloun ns tho Bouthern Demorats continually *oprenont them to bo, Low fs 44 that they do no damago? If they aro so well nrmed, #o nueh more numerous, so well organized, and so bloodthirsty in their disposition, how in it that they kill nobody? If tho whites ara go feoblo and dofonscless, how is It that thoy succeed in killing off a largo numbor of thesa forocions crontures overy day with no harmn to themsolvos? How is it that white men do not get killed, that women nnd ehil dron nro not injured, that houses nnd cotton gin# aro not burned with such n swarming multitudo of “blaclk demons” lot loose? Tnn't it nbont time, thorefore, to stop this kind of dastardly falschood and to stato tho venl version of the Southern troubles ¥ In tho case of the Vioksburg contost, would it not bo just ns well to tell the truth, that tho Domocrats of Vicksburg, owing to an in- formality in the Sheriff’s bond, took advan- tago of it to drivo out all the Republican county officors by forco and violence, instend of availing themsolves of tho plain legal rem- edy, nud, whon tha negroos opposed this procodure, they slaughtered sixty or o hun. dred of them, aud then threntened to assns- sinata those who should eid them or sympa- thize with them ? Would it not be just ns well to sny that, in all thero Southern mas- sncros, the colored peoplo are butchored, fivst, beenuso they are colored ; nnd, second, be- cause they voto tho Republican ticket ? I —— THE FACIFIC MAIL SUBSIDY, Wo are glad to lenrn that the Ways and Menns Committeo of the Houro aro resuming the investigation of tho rotten Tacific Mail subsidy just whero thoy loft it at the adjourn- ment of Congress last summer, This subsidy wag ono of tho most shameless ever author- ized by an American Congress, Aside from tho general objections to tho subsidy system, which apply alike to railronds, uteamships, oand all other corporations, thore aro spocial rensons why the Pacitio Mail subsidy was rep. rehensiblo. The Pacifie Mail had notoriously become n Btock-jobbing concern, Its chiof mission in life has been to furnish one of the favorito foot-balls in Wall strect. Tho subsi- dy was nsked as o stock-gambling schemo, Its varying prospects of succesy, “during ita pondoncy before Congress, wera promptly telegraphed to Wall street, and balooned or depressed tho stock nccording to ciroume stunces, All this was known to Congress, which, nevertholess, proceeded to vote tho enormous subsidy of $300,000 a yearfor a long term of years, During tho discussion of the proposition, there wero suflicient indications of corrnpt influences at work to have seenred ils defont for that renson nlone. Sinco tho granting of the subsidy it has becoma n no- torious fact that large mmounts of money were used to force its passage. It hns *been well Juown all along that a gigontio lobby was pormanently located at Wash- ington wuntil tho subsidy was' finale ly granted. Tho Preific Mail Company set up an elaborate establishment, presidod over by ono of its own employes. e kept opon house, and extendod the most extravn. gont hospitalities to all who could exert any influence in favor of tho schome. It is said femalo Llandishments wero added. This snmo gentleman—one Col. Inwry, formorly of the rrmy—has since admitted, ss wo aro in- formed, that ho expended 500,000 in Wash- inglon during the winter,—an admission brought out, ay wo understand it, to defend himself ngainst tho charge that hio had “np- proprinted” (that is, stolo) somothing Jike $100,000 of the money for himsolf. The House Committce of Ways and Menns mado overy eflort to wkccure tho nt- tendanco of this individunl during the last session in order to seenvo his testimony, but he kopt out of the way. Mo is now in New York, and oxcuses himself from appearing beloro the Ways and Means Commitice on g plen of illuess, ho House of Representa- tives hos ordered his arrest, and will probably succoed in compelling his at. tendance, Even if ho eserpes, or ro- fuses to tell what he knows, the Pacific Mail Iobby was o lnrgo and bold in its apern. tions that it ought not to be diffieult to run down some of the cases of bribery. Wa havo no meaus of knowing what the Commiitee s already discovered, but the enrly resump- tion of tho investigntion would scem to in- dicnte that it has mede decided progress, Tho testimony heretofora taken hay been kept sceret, and perhaps it is a8 well that it should continue go in order not to rovenl to tho interested par- ties tho facts alvendy ascertnined, and so cn- able them to act accordingly. It issaid, how- over, that instances of nctual bribery of Con- gressmen have been discovered, and that sov- eral members recoived a $1,000 bill cech, If anything like this is ascertained, thera nre two things which Congress must do promptly : Tirst, to expel any members of the present House who took bribes ; and, second, to re- penl tho act geanting tho subsidy. Fraud vitiates all contracts ; nnd tho right of Con. gress to repeal the subsidy under such cir- cumstances as are alleged will not bo disputed, while tho justice of such a conrse is obvions, — THE COTION-TAX CONSPIRACY. One of the perils of the future which has been heretofore pointed out in Tz Trmuxe beging {o loom up on the Southern horizon, nauely, o domand for the refunding of the cotton tax, The Southern Pacifio wild-cat rond, in combinntion with the Wexas Pacific wild.cat voad, has mnnde common cause with the Southern ex-Rebel Demoeincy, not only to soenroe a united voto of the South for this #chome, but also to influence the votes of Northern membors in Congress, upon the ground, first, that the cotton tax was un- constitutionnl (?), snd, sccond, that, ns the North () has recoived o subsidy to build the Union Pacific Road, therefore the South should have one for a like purpose, The unconstitutional plea is all hosh! It iy simply a rogulmly-organized raid upon the National Treasury to got the principal and in- torest of this cotton tax, amounting to about §00,000,000, for a ring of unprincipled speculators, and for this purposo n powerful lobby is alrendy organized in Washington, propared to givo plenty of big champngno aud brandy dinnars, and spend plenty of money, It in not true that the Union and Contral Taciflo ‘'ranseontinentnl Reilway is o North. orpline, Tt ik a central vond across the con. tinent, with two grent Enstorn prongs,—ono londing Northenst and the other Southenst, All tho Southorn Btates conneet with the line from Bt Louis to Donver ns readily as the Northern Statos comnoct with the line from Chiengo to Omahn and thenco to Olioyenmo, where the Southern Lranch unites with it aud hoth proceed togoether to the Pacifio Coast on & line equitdistant from ouy northe orn und southorn boundaries, ‘Ihora is no more repson why tho cotton tax should bo refunded than any othor of the War texes, ‘Tho whole matter is simply o big stenl to e perpulrated for the honefit of sooundrels,.and noeds oaveful watching. Ono thing is certaln, Any mombor who votos to ¥ob his constituants in order to rofund War taxes to tho South, had bettor novor como Liome again, It is too transpavent o steal too big & stenl; and opens tho way to so many othor big stealy, in the ‘way of ropaying tho Bouth for its expenso in trying to brenk up the Union, that the people will not bo in & temper to reccive members of Congress who voto for it with any degreo of forbenr- ance, HMUNICIPAL HONDY, Ono of the resulls of a doprociated our- ronoy, following the mnmumoth and reckless exponditures of a war, hos been the crontion of municipal debls of every mnmmer nnd form. In this Stote, towns and counties containing about one-thivd of tho population, and perhaps a loss proportion of tho taxable proporty of tha Stato, woro seduced inlo the crention of debts in nid of yailronds aggregat- ing about fifteen millions of dollars, bearing an nverago rafo of intercst of over 9 per cent, With nlarge proportion of thoso mu- nicipalities it iu ono of tho problems of tho futnro how the interest on these bonds is ever to Do pnid; as to the prineipal, that i8 a quostion for remote posteri- ty. Sinco the courts set nside thoe fraudulent act of 1869, which set apart a portion of the Stato rovenue to pay tlieso local debts, the payment of the principal of these bonds has been rondered moro uncertain than over. Tho people of Illinois, in their Constitution of 1870, not only prohibited the crention of any further debts of that charnctor, but limited the croation of municipal dobts of all kinda and for all purposes to i per cont of the na- wessed value of the taxable property in ench municipality os ascertnined by the provions assessmont for State purposes. It wns unfor- tunato that this prohibition was so long de- Inyod. It wng unfortunate, perhaps, that it Wwas not moro stringent, o ns to cut off o branch of Lond-selling now oxtensively prac- ticed. Thus o county issned bonds to the full amount of i per cent of the assessed value of tho taxable proporty in all of its cighteen townships, and then each township issues its bonds to the amount of 5 per cent of the taxnblo proporty within its limits; in this way the debt-creating power is pushed to the extent of 10 por cent of the valuo of the tnxables, This power is still further oxer- cied by cities existing within a township,” and by gohool distriots,” which ave a still smaller politicnl division, and thus bonds ave issued, or may bo issued, to tho extent of 15 or oven 20 per cent of the valuntion relied upon to pay the samne, The manin for issuing Londs is as strong as ever ; aud, undor the general iden that mu. nicipal indebtedness in Ilinois cannot exeoed, & per cont of the valua of the propierty ro. sponsible therefor, these bonds aro purchased in good faith by persous in remoto parts of the country, who in time will awake to the fact that their investment is not what they thought it wns, Another featuro of this munieipal-bond business is the enormous in- terest ellowed thercon, In n Boston papoer we nofico an advertisement by n Lroker, in which Lo offers Illinois municipal bonds at the following prices: 6s at 76 cents, 78 at 82 cents, 8s at 92 conts, and 108 at 100 cents. He states that during the last three years §7,000,- 000 of theso bonds have been purchased in New Englend. As n general rale, when n munieipal bond, having from ten to twenty years to run and bearing 10 per cent interest, is offored for salo at a distance from tho place of issue, the investment is not a safe one, and the money put theroin is put at hazard, In tho samo paper we notice an advertise- ment of a loan by the City of Litehflela, Montgomery County, in this State, of water- bonds, bearing 10 por cent interest. The amount offered is $10,000, The City of Litch- field in 1870 had less then 4,000 inhabitants. ‘Tho samo city Lias outstanding a dobt of 8i0,- 000, at 8 per cent, voted in aid of railroads, The annual charge on thatcity, thercfore, for interest is £5,000. ‘The county, of which Litchfield is about one-sixth, has o liko dobt of $50,000. In nddition to the State, county, and municipal taxes, the city has to collect of its 4,000 inhabitents §5,000 anuunlly to ppy interest on this dobt. The whole nssossed volue of taxables in the county is about $9,830,000. What the oxact proportion of this belongs to Litchfield we do not know. Wo refer to this case not for tho purpose of throwing any doubt upon the validity or the safoty of those water bonds issued by the Town of Litchficld, but as an examplo of the Ineility with which local governments ecrento debts. We suppose theso bouds were deliv- ered to the contractor, who sent them Enst to be old for whatever he could get for them, Montgomery County contnins & number of wealthy persons who could well afford to havo taken nll this lonn, but it scoms that thero wns no local markot for them even at the rrte of 10 per cent interest. When the rnilrond-nid bond issue wns nrrested, then thero wag an issue of school district bonds ; to what oxtent these lave beon is. sued wo do not Xmow, but they are hawked abont and advertised all over ihoe country, and probably have beon is- sued to n vory large amount. It is vory easy to crento dobts ; but tho day of payment hins to come, und to many of these municipal- ities that day will bo ono of serious trouble, The municipal dobts of this State now roll up noarly, if not quite, forty-five millions of dollars, and, unless the creation of these dobts bo arrested, the people of tho State will bo ovorwhelmed with taxes, and the sccurities in the hauds of the investors will largely pass into the list of doubtful assets. THE “BALANGE OF TRADE.Y Amony tho several resolutions adopted by the “pig-iron” manufacturers at Philadel. phin on Thursday lest was one in the follow- ing tormn: Jicwlved, Tht tho only way to vosumo fepaclo-pay. ments) s to yet the buxiness of tho vonutry in such condition by tha regnlatiug of tho tarlif on huporta su will keep the Lukinco of trado in onr favor, sud by thnt mouns keepour spuclo from golug out of the countrs, i By tho *bnlnnes of trade” is mennt that we should so exclude importations from othor countries that onr exporis should exeeed our imports, That is ono of the old-time delu. sions which have boon abandoned by every civilized country in tho world exeept by the United Statos, But the pig-iron gentlemen seow to bo ignorant of tho fact {hat the coun- try long ago reached thnt condition when the “Dalmce of trade” was in its favor, We givo tho figures of the years ending Juno 80, 1878, and 1874 Lxporte—Domentie, 1974, 10,142,503 $360,440,034 28,109,601 Hxporte—Loreigl . To,840,010 Tatra to Oaeds, e 10,200,000 “ulal export 070 $500,185,010 P e 7 L0400, lauce fu favor uf United e = u:ll:ulvu...u.n-m....n...- 13,001,007 120,070,608 "Phis does not inalude the export of spevio, which, if added, malkes the balance of trade in our favor in the year ending in June Inst, 7,062,107, Btill tho pig-iron gentlemen wronot satistled. The fact is that, in conse. quence of our depreciated cwrroucy, we have gono on building up o forelgn debt to such a niaguitude Lab we have now tousnd oux productiond ovor in nddition to our bulllon to pny tho intorest, and {o meot our other ob- ligntiona, Wearo without crodit. Wo nro doing business on the bnsis of n dishonest curranoy, and have no credit, T'ho oxchanga | of commoditios i averted. Our surplus grain, with which wo onco bought other com- moditios, ‘18 tnken by our ereditors; littlo comei back, Wo havo exponded our snonoy iu ndvanco on wild-cat railronds and similar schemes, and in “ riotous living,” ‘Tho ““ balnnco of trade” fu favor of & nn- ton is evidenco of financinl dlsoredit. For hundreds of years Great Britain struggled to maintain the balance of trado in hor favor, to the depression of all her industries and her commerco, Atlast the old policy wns ax. ploded, and singo thon the prosperity of the Kingdom has beon mensured by tho excoss of imports over exports, We Rivo 4wo yenrs : 1860, 205,410,914 237,015,052 244,080, L 65160 £ 09,130,010 daral monoy 02,305,810 '$295,884,650 According to the pig-iron fraternity, Great Britnin is frretriovably ruined by an annual adverse *“ bnlanos of trade” of noarly §300,- 000,000, but this adverse balance of trade lins been maintained for thirty yenrs, result- ing in making that Kingdom the seat of tho world's commerce and of its woalth, No one questions British credit, Sho can buy in auy market in the world, Wo have Bono on * protecting” oursclves from all dealings with the outer world, that we aro without credit, and our whole trado is to put on foreign vessels all our surplus produets, 1o be talen abrond to pay our debts, That is the condition of n country which hns p ¢ bal. anco of trade "inits favor! A balanco of trade simply menns that wo give more than we got. When tho balance of trade is against us, it menns that wo get more than wo give, and to that oxtent have increased our enpital or stock of supplies and amount of wenlth, But the * prolected” numbskulls, in and out of Congress, think that the more proporty wa send away, and tho loss wo receivo in re- turn therefor, the richer wo becomo | o BEORETARY BRISTOW’S PLAN OF RESUIP- TION, Perhaps the snmo amount of space could 10t be ko well filled as by a 7esume of the plan for the resumption of specio pnyment rocom- monded by the Seerotary of tho Treasury in his recent’ xeport. This plan having been allied with the mnss of dotails which are necessarily crowded into . dopartmental re- port, it may havo escnped tho goneral atten- tion which it o richly mevits. Our present abject is merely to recapitulnte tho plan, and, 18 for as it is consistent with tho purpose of shortening the description, to give it in the Secretary’s own language. Mn, Bristow's Lrentment of this subject nnturally divides in- to two hends, viz. : (1) Tho reasons for o re- ‘eay of fmports. turn to spacie payment ; and (2) the way to. roturn, L. The Sccretary bases the whole system of lognl-tender notes on the following proposi- tion: “It will not be denied that tho exist- ing issno of legal-tender notes, ns a cireulat- ing medium, would never have been made, oxcopt in the great emergency of a warin- volving 10 less an issuo than the preservation of the nation,” The logical deduction is that the system provided for an emergoncy shonld be abnudoned ns soon as the emergency is passed. That this was contemplnted by the Government is evident from, this provision of thoact of March 18, 1869, which deolares: The feith of tho United States is !olnmnl{ pledged to thie payment in coin, or its cquivalent, of all obligations of the United States not \mnrlu? interest, known na Unilod States notes. Tho Unftod Htates solemaly pledges its fajth to make provision at the earlicat practicable period for the rodemption of tho Unlted [toanotesin cofn, The Secretary, both by the emergency and the act of Congress, is fully justified in the iwo conclusions ho draws therefrom: 1. “'The faith of the Government could not be moro clearly or absolutely plodged than is dona by this act of Congress, to say nothing of previous logislation;” and 2. “It is not unworthy of remark that the era of the War will not be closed until the period of redemp- tion shall inve been renched.” The first con- sideration dotermines the solemn obligation of the Government; the second affects the best interests of a commorcial people. In the matter of the flexibility of the currency, the Sceretary makes the obvious distinetion Letween the Inw of supply and demand, and that of legislative will or supposed exigencies of the Government. The former is nntural and gradunl; the lnttor sudden and violent, The Secrotary enuncintes the truo prineiplo when liesays: ‘“In a country like ours, with varied industrios and extensive commorcial relations among its different sections and with other nations and peoples, stability of the cirenlat. ing medium is indispensable to the genoral prosperity.” And lo dofines cloarly what stability is as follows: *“The quality of stability in monecy attaches only to coin, which, by commnon consent of mankind, is the medium of exchange, and to a paper cur- renoy reprosentativo of eoin, becauso con. vertible into it at tho will of the holder.” The following is nn epitome of the history of irredeemable paper ourrency: Tho hfstory of frredeemablo pper aurrency repeats itaolf whenever aud wherever 3t ia used, It Increnses present prices, deludes the laboror with the idea thut Bo T motting " aftior waigea, nd. Deimis s ot prosperity from which follow inflation of business nnd Erodlb AN oxcoun of SRECTDRIRG b ver-fnston Tatio, uutll it {8 discovered that trado aud commorce huve becomo fatally disessod, when confidenca fa des stroyed, and tlion comes the shoek to credit, followed by dissstor und_doprossion, aud o dowand’ for reliet by furthor issues, It this bo a fair showing, ann no student in the history of national finances will con- travert 1t, the conclusion is fully warranted that “The universnl uso of, and relinnce upon, such a currency tends to blunt the moral sonse and impair tho natural self-de. pendence of the people, and treins them to tho belief that the Government must diroctly assist their individunl fortunes and business, help them in their personal affairg, and ona. blo thom to discharge their debts by prtial paymeat.” Tt accounts for the financinl dis. turbances and commercinl crifes from which wo sufter ; for the wild speculation and in- vestment in unproductive capital that led to them ; for the driving of the botter ourrency out of tho country; and for the Rupine de- pendenco of our people upon legislation ns the panacen for all private ills. 11, Nothing need bo added to this argu. ment to show both that the Government is Dledged to thoretnrn to apecio payments ot tho emliost precticablo moment, rud that the in- tevasts of tho country demand that the dnto Lo fixed now. 'The noxt featura of the Sec- rotary's veport was his plan for renching ro- sumption. His fundamental doctrine is that it cannot be renchiod so loug ng the volume of cwrrency in largoly in oxcoss of the possibl amount of coin availablo for redeeming it, Mo, therefors, first rocommends Congresy o provide by Iaw that after an carly and fixed doy United States notes shinll consa to bo logal tendor ns to contracts theveaftor mnde, Ho excopts from this rule the piyment of offi. cial snlavies and other ordinary expendituros of the Government, His proposition pro. teota nliko tho debtor and evoditor clasg in .08 woll as her Europenn frontior, that it provides that all obligetions contrnote ed prior to the ropenl may bo paid in the logal tonder. All obligations contrncted mubsce quent to the repoal are on a now basia, mutue nlly understood nud mutunlly acoopted by deblor and ereditor, Thae only safeguard necessary is that tho timo fixed for the repenl shall not bo 8o sudden s to materially dise turb proscnt values. Tho time slionld not, in 1he opinion of tho Sccretary, bo extonded bo- yond threo years, snd might snfely be made as much Zss as in the judgment of Congresa would aufiiciently protect the interost of debte ora and avold tho ovils of too suddon cone traction, ThoSecrotary then rocommends that the Inw shall authorizo the immedinto con- vorsion (but not reconversion) of legnl-tender notes into bonds bearing o low rate of intere cst, n3 agradunl process of contraction, to ba regulated by the peoplo themselves, Rg. demption must now be provided for when tha timo comes, *“To this end, the Socratary shonld be authorized to make n loan not ex. ceoding the total amount of notes remaining tnconverted at the time of resumption, lovs the surplus rovenue to bo made applicable ta such resmunption.” Hia own notion s {hni the rovival of business and the inereass of public revenue will be so grent that n Inrga loan will not be required for this purpose, and tho very fact of resumption will ereate rready market for them, In the opinion of the Sco retary, theso bonds should run for n long pe. riod, nnd should bear interest at a rate not ox« ceeding tho lowest rata which the Govorne ment may then bo paying in vefunding its 6 per cont securities. Theso two recommondas tions constituto, substantially, the whola plan; the dotails ean be rondily fived if thoy conform to these general principles, ‘Wo beliovo that an examination of Seere. tary Brisrow'’s recommondations ns condensed abave will convinco every intelligont reader that speedy resumption is the best poliey, and cause him to wonder why he has mado so great o bugbonr of o simplo ond ensy a matter. We desiro to add only theso general truths stated by tho Seoretary ¢ “That which {a of the highest importanco I tho adpe tiou of tho delinitg policy of resumption, When tho Goverumont shafl bava resumed A payiment, it inay be oxpocted that gold will flow the country n “obedionco Lo the law of Anpply und mauds the export of our gold produst will gre.tiy diminish, and the miltons of gold which now conitis tuto ouly a commadity of trade will resumo ite prosur mu;:lnunn by becoming again o part of tho clrculazing nedium, With the adoption of tho policy of rosumption, frea banking muy eafely bo allowed, axd. (ho Aeacly of the setual smoutt of eoin availnblo for cireulstion eun La supplicd by bank notes convertibla futo colu, u liey of nn inconvartiblo paper curraney, The enaciment of ‘a law having for fta purpose the substitution of a eound and stablo medinm of exoh 1nga for ant irredeemablo paper curroncy will tend fo re o0 confideice, aud thus causo u rovival of indusirles wril general business, What {s demendsd by {he best interests of the erument and tho people, anid by the highest conn tions of virtua nnd morality, Is, thotCongrew il undo that stute of things which only the necosaitiea ot war Justified or raquired in this rerpont, Thero will bo no better time In the faturo to enter upon the work of roturniug to o speclo basts, If tho present Congress cannot comprohend 80 terse, clent, and simple a domonstration pg Secretary BrisTow bas made, the best thiag it can do is to lot nationnl finances alone. RUBSIA PREPARING FOR CONQUES™, The man who writes, in 1900, tho hitory of {he last half of tho nineteenth century, will express his amazement ot tho indiffer ence with which Euaropean polilicions ree garded Russia for the twenty yenrs thet fole lowed the Crimean War. Thenllics congrnered Sebnstopol because Russia could not ulilize he s resources. The lesson was not lost upon Gontscmaor: and his imperinl mestezy, Since that time, step after step has been taken townrds the formation of n power that could smile at opposition. By freoing the serfs, the foundation was Inid for enlling inlo being n raco of yeomanry such ns Eygland once had and such as Germany lLow has. By rigid military laws, the na. tion is being converted into au urmy. Finally, by o gigantic system of railrond and internal improvements, tho widely-sepa- rated parts of tho Empire are being brought near ench other, until vast avmies can ho transported to any throntened point with a'l the rapidity which the best-cquipped raitronds i the world can give. 'This system is to ba still further extended. The REwmporor has beon in consultation with M, Frnpixaxp pa Lzessers, thoe grenat engineer who plenned the Suez Canal. Grent things are hoped for ry the result of the interview. Dr Lisstrg undertales none but great things. At pres. ent, the Russion railway system mey le roughly deflued as one of norlhenstern and southenstern lines which cut one nnother at right angles, and thus divido the ccuntry into a maminoth checkerbonrd, - Six difierent ronds radinte from Moscow. Alettorintha New York Zlerald, to which wo are indebted for some of our information, declares that this wholo notworlk is nearly completed. In1860, Russin liad 1,000 miles of railrond, Novw, she Iias 10,000 miles. Sho can put an army on clthor the Prussinn or Austrian frontice Ly half a dozen different routes, Shois thug insured against suceessful invasion. Al thd lines of communieation cannot bo ‘out. Sha is almost equally well guarded on her weste ernborder. Her armics against Khiva wera followed by track-layors and telegraph-build. ers, It will bo romembered that her invoads in Turkiston excited tho liveliest feaws in Great Britain,—foars so lively that sha sent & special Ambnssndor to London to assuro England that she meant to do nothing, Then she did a great doal, Now sho threatens British Indin. It is not rrob- ablo that she means to strike 8 warlike blow at English supromacy there. Her attack will be moro insidious and moro fatal, Sho weans fo control the trde of Hindostan by open- ing a great overland rail route through her territory. Alvendy Russian merchants e ocoupying tho comparatively narrow strip of ground betweon tho English and Russian. frontiors. It will not be long, they hepe, beforo thoy renp tho rich profits of the Enst Indion trade. The barbarlan monarchs of Wostorn Asin - reign now only by the suffernnce of the Empiro. One objuet of the Persinn Shab's visit to T ropo i8 supposed fo have been to got pledges of support against Russiwn oncronchment. If this is o, ho failed, 1ls is at her meroy. Persip onco conquerel, Turkey would be threatened on her Asintio Then the renson of Russin's recont violation of tho Treaty of : Paris might appear, With the Blaok Sen controlled by her floct and tho Turkish frontior in Europo ocenpied by her arnics, she might at Inst ronlizo her grent am. bition, and drive the Crescont across the Bog. phorus. If her groed for territorial gnin i 1ot sntisfied then, sho liny the whole Chineso Empiro to feed upon, Advancing from ths Siberinn frontior, sho onn awallow it up, Dbit by bit, repenting tho process sho Ling made 6o familiar in Wostorn Asin. Thego are the possibilitios of the future, They are not, wo think, to be deplored. Russin is not & highly. oivilized Stato, but hor advance weans civil. {zation for Asia, An intoresting communication respeoting the diamond wedding in Brail, on exolutive 0